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Safehold launches common stock offering

Safehold Inc. is selling 3.0 million common shares in a public offering and intends to grant a 30-day option to the underwriters to acquire up to 450,000 additional shares.

Based on the company's closing stock price of $32.82 per share on Aug. 6, gross offering proceeds, including the additional-share option, are expected to total approximately $113.2 million.

Concurrently with the offering closing, the company will sell to iStar Inc. in a private placement a number of common shares equal to 66.7% of the total number of shares sold in the offering and the concurrent private placement up to a maximum of $200 million of shares.

Safehold aims to use the net proceeds to make additional ground lease apartments, to repay borrowings outstanding under its revolver and for general business purposes.

J.P. Morgan, BofA Merrill Lynch, Barclays and Mizuho Securities will be joint book-running managers for the offering.